The rise in valuation of Tesla Inc TSLA shares has increased the wealth of its CEO, generating some incredible stories of just how rich Elon Musk is. The latest figure and what it means may shock you.
What Happened: Musk is worth $287 billion as of Oct. 26. The figure from the Bloomberg Billionaires Index shows that Musk has added $117 billion to his wealth year-to-date.
Musk's wealth has increased so much that he's now worth more than Warren Buffett and Bill Gates combined.
While it may seem hard to imagine, Musk is also worth more than the valuations of every single Major League Baseball, National Basketball Association, National Football League and National Hockey League team combined.
The value of all four leagues is $260 billion, according to Liam Killingstad of Front Office Sports.
Forbes shows the New York Yankees as the highest valued MLB team at $5.3 billion and the average team worth $1.9 billion.
NBA teams have an average value of $2.2 billion, led by the New York Knicks at $5.5 billion. The Knicks are owned by publicly traded Madison Square Garden Sports MSGS.
The NFL teams have the highest valuation with the Dallas Cowboys worth $6.5 billion and the average NFL team worth $3.5 billion.
NHL teams rank last with the average team worth $653 million and the highest valued team, the New York Rangers, worth $1.65 billion.
Why It’s Important: Billionaires have bought sports teams over the years. Others have become billionaires thanks to their ownership of professional sports teams.
Amazon.com Inc AMZN founder Jeff Bezos was rumored to be considering buying the Washington Football Team earlier this year. He ranks second in wealth with $196 billion.
Sports teams have seen values rise over the years thanks to increased ticket prices, advertising opportunities and huge media rights deals.
Musk has shown no public interest in buying a sports team, but perhaps the new Texas resident will consider buying a nearby team.
TSLA Price Action: Tesla shares were up 2% to $1,037.86 on Wednesday, adding to Musk’s gains.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.